Clinical Trials Market Overview
Clinical trials, also known as clinical research studies, are studies conducted under proper guidance of experts regarding the efficacy, performance, and effects of experimental and novel medications, treatments, and vaccines. These methods are used for testing and gauging the performance of medications which can work on certain groups of patients or patients with rare diseases. Analysts at Market Research Future (MRFR) predict the global clinical trials market to expand at a phenomenal pace from 2022 to 2030.
The global clinical trials market is poised to reach a stellar size by 2030. It can exhibit a CAGR of 5.70% from 2022 to 2030 (forecast period). It stood at USD 47,500 Million. Rise in globalization and development of novel drugs are major trends in the market. Rising prevalence of chronic diseases has induced the need for clinical trials which can be used in testing new formulations. Patent expiry of blockbuster drugs is likely to increase the scope for the market over the forecast period. Other pertinent drivers include rising demand for contract research organizations (CROs), evolution of technology, and personalized medicine for treatment of chronic maladies.
The market growth is primarily relied on the key factors, including the increasing prevalence of chronic and long-term diseases coupled with increasing investment in the R&D sector globally. In addition to this, industrialization has led to increased disposable income, globalization, and increased awareness about the health and availability of several key and important drugs. These factors are driving growth of the global Clinical Trials Market. However, lack of a skilled and trained workforce is restraining growth of the market. Also, high cost, stringent regulations, and unfavorable government policies are hampering growth of market.
The global clinical trials market has been segmented based on phase, study design, indication, end users, and region.
Based on the phase, the market has been segmented into phase I, phase II, phase III, and phase IV. Among these, the phase III trial segment has been assessed to lead the market as the largest segment, owing to its high value in the healthcare sector, as well as its comparatively superior effectiveness. Phase I trial segment has been expected to grow at the fastest growth rate during the forecast period, owing to the increase in its applications in investigative new drug (IND) sector, technological advancements, and the rising government initiatives to improve the healthcare sector in emerging economies.
Based on the study design, the global clinical trials market has been segmented into expanded access interventional, and observational.
Based on indication, the trials market has been segmented into autoimmune/inflammation, cardiovascular, central nervous system (CNS) condition, diabetes, obesity, oncology, pain management, and others.
Based on the end-user, the market is segmented into dental hospitals & clinics, dental institutes, and dental academic and research institutes.
Based on the region, the market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
Asia Pacific (APAC), North America, Europe, and the Middle East & Africa (MEA) are regions taken into consideration in the compilation of the global clinical trials market report.
The Americas can be the leading region in the market due to inclination towards development of new products, huge patient population, and large number of pharmaceutical companies. Rising cases of cancer, diabetes, and other maladies are likely to induce the market demand during the forecast period. According to the National Cancer Society, close to 63,340 cases of kidney cancer were registered in the U.S. alone in 2018.
The Europe region is expected to display a massive growth rate during the forecast timespan due to large prevalence of chronic diseases and large expenditure on research and development by the pharmaceutical industry. Supportive regulations for fostering growth of new medicines via clinical trials can bode well for the regional market growth.
The APAC market is predicted to exhibit to expand at a rapid pace due to government support regarding establishment of R&D hubs, supportive government policies, lax regulations, and increasing prevalence of rare diseases. Countries with subsidies such as Australia, India, and China as well as low operational costs are attractive regions for primary investment for large pharmaceutical and biopharmaceutical companies.
Lastly, the MEA region has the lowest market share due to a paucity of shared scientific knowledge, small clinical trial centers, and ill-equipped technical centers.
Major industry participants in the global clinical trials market Players include Eli Lilly and Company, Quintiles IMS, Clinipace, Charles River Laboratories, Laboratory Corporation of America, Pfizer, SGS SA, ICON plc, Paraxel International Corporation, Novo Nordisk A/S, and others. Pharmaceutical companies are allying with CROs for expediting the research and development of blockbuster drugs.
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